analyzed by the Associated General Contractors of America
Among the results from the May 2009 to May 2010 period:
- Private nonresidential construction decreased 25 percent
- Public construction lowered 3 percent
- Private residential construction rose 11 percent
- Highway and street construction increased 5.6 percent
- Other transportation construction increased 13.8 percent
- Sewage and waste disposal up 5.1 percent
- Water supply increased 5 percent
- Conservation and development increased 23 percent.
Related: Read "Investigated contractor gets new job at Ground Zero."
"Federal stimulus funds helped keep public construction afloat and buoyed single-family construction," said Ken Simonson, chief economist for the AGC of America. He further asserts that Congress needs to provide long-term funding for transportation and water projects.
Simonson also noted that single-family home construction soared 31 percent, but new multi-family construction, such as condos and rental housing, decreased 57 percent. He hypothesizes that the first-time home buyer tax credit boosted demand for single-family and lessened demand for multi-family dwellings.
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